20 July Crude Oil Elliott Wave Analysis: Larger Correction Taking Place?


OIL short-term Elliott wave analysis suggests that the rally to $75.28 high ended cycle degree wave III. Down from there, the larger correction in cycle degree wave IV is taking place in 3, 7 or 11 swings before Oil resumes higher. What is more? The following 20 July Crude Oil Elliott Wave Analysis explains.

20 July, GKFX – The internal of the first leg of the decline from $75.28 high took place in 5 waves impulse with internal distribution of 5 waves structure in lesser degree cycle.

Larger Correction Taking Place?

This suggests that the five waves down from $75.27 is part of a larger Elliott wave Zigzag correction within cycle degree wave IV pullback.

Down from $75.28 high, the decline to $72.14 low ended intermediate wave (1) as a leading diagonal structure. Above from there, the bounce to 74.70 high ended intermediate wave (2) bounce as a Zigzag correction.

Below from there, the decline to $69.23 low ended intermediate wave (3) in another 5 waves. Then the bounce to $71.66 high ended intermediate wave (4) bounce in 3 swings.

The final decline from there unfolded in 5 waves structure which ended intermediate wave (5) at $67.04 low & also completed the primary wave ((A)).

20 July Crude Oil Elliott Wave Analysis

Up from there, the instrument is doing the primary wave ((B)) recovery against 7/03 high ($75.28) in 3, 7 or 11 swings before further decline is seen. So far instrument already made the 3 waves recovery & reached the $69.86 – $70.34 100%-123.6%

Fibonacci extension area of Minor W-X to complete intermediate wave (W). The instrument is expected to do a 3 waves pullback in intermediate wave (X) then another leg higher in intermediate wave (Y) of ((B)) can be seen before instrument resumes lower again. We don’t like selling it.

OIL 1 Hour Elliott Wave Chart

Oil

Disclaimer

This article 20 July Crude Oil Elliott Wave Analysis was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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